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Mishra Dhatu Nigam Ltd

₹ 346-1.32%
06 Jan – close price
🔗midhani-india.in•BSE: 541195•NSE: MIDHANI
Market Cap₹ 6,489 Cr.
Current Price₹ 346
High / Low₹ 469
Stock P/E60.6
Book Value₹ 76.9
Dividend Yield0.22 %
ROCE10.6 %
ROE8.05 %
Face Value₹ 10.0
Sales₹ 1,029 Cr.
OPM20.7 %
Mar Cap₹ 6,489 Cr.

ABOUT

Mishra Dhatu Nigam Ltd (MIDHANI) manufactures superalloys, titanium, special purpose steel and other special metals.[1]It was incorporated in 1973 at Hyderabad as a Government of India Enterprise under the Ministry of Defence.[2]GoI still owns ~74% stake in the company after its IPO in 2018.[3]

KEY POINTS

Company OverviewThe company was set up by the Govt. with a view to achieve self-reliance in the production and supply of various super alloys, special steels, and soft magnetic alloys to Defence and other Strategic Sectors such as Energy, Space, and Aeronautical applications.It is the only manufacturer of Titanium alloys in India.[1]

Also present in buckets:
Aggressive Growth TriggersRevenue GuidanceAsset Base ExpansionCapacity Expansion And ProductsOrder Book PositionLarge Order ReceiptsJv Partnerships AcquisitionsRevenue Guidance Vs ActualsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.Hind.Aeronautics4516.0035.66302018.790.891669.0510.826628.6110.9233.8832104.7830.588469.331669.078.148.820.00
2.Bharat Electron413.1053.02301966.960.581287.1617.885792.0925.7838.8825152.1129.525695.671287.7714.0013.210.00
3.Bharat Dynamics1542.5086.4456542.270.30215.8876.191147.03110.5519.664004.0814.19654.13215.8813.414.940.00
4.Garden Reach Sh.2507.5046.6028723.910.55153.7957.301677.3845.4936.645900.309.56616.41153.7912.515.020.01
5.Data Pattern2678.6064.2414995.870.2949.1962.45307.46237.7921.00920.0433.05233.4349.199.7512.180.00
6.Zen Technologies1350.2049.3112191.000.1561.91-6.29173.57-28.2337.22808.9738.44247.2558.736.7921.380.01
7.Apollo Micro Sys266.55111.739523.630.0933.05108.25225.2640.1714.54669.0026.0485.2433.058.255.200.29
8.Mishra Dhatu Nig346.3560.656488.520.2212.77-45.77209.73-19.9910.601028.7520.68106.9812.774.503.780.23
–Median: 26 Co.652.9561.585073.610.1115.6438.59130.3819.2118.09533.4321.8244.5615.648.147.670.08

Quarterly Results

Standalone figures in ₹ crores

Dec 2022Dec 2023Dec 2024Jun 2023Jun 2024Jun 2025Mar 2023Mar 2024Mar 2025Sep 2022Sep 2023Sep 2024Sep 2025
Sales
231252238188163170345406411181227262210
Expenses
166216186146140136244325317122191213177
Operating Profit
663652422334100809359364933
Other Income
96788712889899
Profit before tax
5419362791990657749213419
Tax %
28%34%30%31%43%33%27%28%27%31%33%31%33%
Net Profit
3812251951366465634142413
EPS in Rs
2.060.671.350.990.270.683.532.483.001.790.741.260.68

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
5556477167736627117138138598721,0731,0741,029
Expenses
448518565587470526514567596613878855816
Operating Profit
106129152186191185199246263259195219213
Other Income
26232923363736203138303131
Interest
5855977132327353027
Depreciation
6101418202326273353596365
Profit before tax
121134162186198191202226239217131156151
Net Profit
829911912613113116016617615691110107
EPS in Rs
440.16529.31637.18674.237.016.978.538.889.418.324.875.885.71
Dividend Payout %
45%38%28%30%30%31%30%31%33%40%29%26%–

Compounded Profit Growth

10 Years:1%
5 Years:-7%
3 Years:-15%
TTM:22%

Compounded Sales Growth

10 Years:5%
5 Years:9%
3 Years:8%
TTM:-5%

Return on Equity

10 Years:14%
5 Years:12%
3 Years:9%
Last Year:8%

Stock Price CAGR

10 Years:%
5 Years:12%
3 Years:18%
1 Year:6%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
187187187187187187187187187187187187187
Reserves
2583534325176026477718851,0031,0991,1321,2271,254
Borrowings
5759132193107134160360489433350338
Other Liabilities
8495644883754838831,3061,2281,2301,0891,1541,1501,170
Total Liabilities
1,3501,1631,1211,1011,3651,8252,3982,4612,7812,8642,9062,9142,949
Fixed Assets
1152442633273444254414299381,0161,0321,0741,072
Gross Block
246.98244.28277.04359.11395.75499.39540.98555.921,098.301,228.061,301.241,405.43–
Accumulated Depreciation
131.510.0014.0931.7451.3274.44100.23127.01159.82212.56269.73331.39–
CWIP
1189766517540554913280832524
Investments
22222222222222222525
Other Assets
1,1159078497659541,2231,5301,4611,6881,7461,7691,7901,828
Total Assets
1,3501,1631,1211,1011,3651,8252,3982,4612,7812,8642,9062,9142,949

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
–––119202962041765-35216217
Cash from Investing Activity
–––-65-78-205-195-115-68-3-65-96
Cash from Financing Activity
–––-4325-78-13-373943-148-126
Net Cash Flow
–––12-3313-424-2442-6

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
160124106136228181152173130132110139
Inventory Days
8867043722777499842,7841,3812,088–––
Days Payable
1901586889299248394148336–––
Cash Conversion Cycle
8576704103246789162,5421,4071,882132110139
Working Capital Days
223144144128144223362321346389332357
ROCE %
–26%27%28%25%22%21%21%19%15%9%11%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
74.00%74.00%74.00%74.00%74.00%74.00%74.00%74.00%74.00%74.00%74.00%74.00%
FIIs
0.52%0.58%0.95%1.19%0.96%1.07%1.27%1.42%1.26%1.65%1.34%1.37%
DIIs
13.76%13.82%13.11%12.48%11.84%11.04%9.33%8.44%8.48%8.79%8.98%8.83%
Public
11.71%11.61%11.93%12.33%13.20%13.88%15.40%16.13%16.25%15.55%15.69%15.80%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

MIDHANI Achieves Record Sales in FY 2025-26 Amidst Supply Chain Disruptions

1st April 2026, 4:55 am

MIDHANI Announces Trading Window Closure from April 1, 2026

27th March 2026, 9:34 pm

MIDHANI receives NADCAP accreditation for Heat Treatment facility

17th March 2026, 5:18 pm

MIDHANI Declares Interim Dividend of Rs. 0.85 Per Share; Fixes Record Date

13th March 2026, 6:47 pm

MIDHANI declares interim dividend of Rs. 0.85 per share for FY25-26; record date March 19, 2026

13th March 2026, 6:43 pm

Published by Other Websites

External media mentions & references

HAL Order Book Swells to ₹2.54 Lakh Crore on Defence Ministry Deals

2nd April 2026, 5:13 pm

Defence Stocks Skyrocket: Record GRSE Sales, Mega Orders Drive Rally

1st April 2026, 12:42 pm

Defence Stocks Surge 7%; GRSE, Mazagon Jump 19% On Mega Orders

1st April 2026, 11:23 am

ICICI Securities Eyes Defence Boom, HAL Leads Top Picks

30th March 2026, 4:15 pm

India Defence Rally Ignites on ₹2.38L Cr Deals, But Execution Fears Grow

30th March 2026, 8:31 am

News Articles

Editorial & research coverage

AI Fears Trigger IT Sell-off Amidst Mixed Q3 Earnings
AI Fears Trigger IT Sell-off Amidst Mixed Q3 Earnings

13th February 2026, 8:51 am

Order Surge Masks Mixed Stock Performance
Order Surge Masks Mixed Stock Performance

7th February 2026, 7:37 am

Defence Stocks Tumble on Budget Disconnect
Defence Stocks Tumble on Budget Disconnect

1st February 2026, 4:18 pm

Indian Defence Stocks Tumble Post-Budget Despite Spending Surge
Indian Defence Stocks Tumble Post-Budget Despite Spending Surge

1st February 2026, 3:19 pm

Defence Stocks Surge Ahead of Budget 2026 Amid Geopolitical Alerts
Defence Stocks Surge Ahead of Budget 2026 Amid Geopolitical Alerts

1st February 2026, 11:30 am

Documents

Announcements

Clarification On Movement In Volume.

30 Dec - Confirms no undisclosed material information; replies to BSE about volume surge (Dec 30, 2025).

Clarification sought from Mishra Dhatu Nigam Ltd

30 Dec - Exchange has sought clarification from Mishra Dhatu Nigam Ltd on December 30, 2025, with reference to Movement in Volume.

Closure of Trading Window

27 Dec - Trading window closed from Jan 15, 2026 until 48 hours after declaration of results for quarter ended Dec 31, 2025.

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

18 Dec - MIDHANI secured Rs.121.75 Cr order; open order book ~Rs.2,520 Cr (Dec 18, 2025).

Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosures Requirements) Regulations, 2015 (SEBI LODR).

29 Nov 2025 - BSE/NSE fined MIDHANI Rs.1,18,000 each (Nov 28, 2025) for Reg.17(1) board-composition non-compliance; waiver sought.

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from bse)

Financial Year 2022

(from bse)

Financial Year 2021

(from bse)

Financial Year 2020

(from bse)

Financial Year 2019

(from bse)

Financial Year 2018

(from bse)

Financial Year 2017

(from bse)

Financial Year 2016

(from bse)

Financial Year 2015

(from bse)

Financial Year 2014

(from bse)

Financial Year 2013

(from bse)

Financial Year 2012

(from bse)

Financial Year 2011

(from bse)

Credit Ratings

Rating update

10 Sep 2025 from crisil

Rating update

21 May 2025 from crisil

Rating update

4 Feb 2025 from crisil

Rating update

28 Feb 2024 from crisil

Rating update

31 Mar 2023 from crisil

Rating update

25 Nov 2022 from crisil

Concalls

Nov 2025

TranscriptRecording

Aug 2025

Transcript

Jun 2025

TranscriptRecording

Feb 2025

TranscriptRecording

Nov 2024

TranscriptRecording

Aug 2024

Transcript

Jun 2024

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Mar 2024

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Nov 2023

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Aug 2023

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Jun 2023

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Feb 2023

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Nov 2022

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Aug 2022

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Jun 2022

Transcript

Dec 2020

PPT

Aug 2019

PPT

May 2019

PPT

Stock Analysis

Description

  1. Mishra Dhatu Nigam Limited (MIDHANI) is a Government of India Enterprise specializing in the production of advanced materials such as superalloys, titanium, and special steels for strategic sectors like defence, aerospace, and energy.

Key Growth Triggers

  1. Focus on defence, aerospace, and space sectors as key demand drivers.
  2. Expansion into strategic materials and development of additive manufacturing capabilities.
  3. Continuous replenishment of order book from government and public sector entities.

Order Book

  1. Order Book: Dec 2025 = ~Rs. 2,520 Cr (as of Dec 18, 2025 announcement)

Key Red Flags

  1. Recent financial performance (Q2 FY26, H1 FY26) showed a decline in revenue and profit YoY.
  2. Regulatory fines were imposed by BSE/NSE for non-compliance on board composition.
  3. Historical poor sales growth and low ROE over the medium term.

Key Dates To Watch

  1. Company had an investor conference call on November 14, 2025, for Q2 FY26 results.
  2. Trading window closure initiated from January 15, 2026.

Corporate Announcements

31st Mar 26
Impact Rating: 8
MIDHANI recorded its highest-ever sales of ₹1,206 Cr. in FY 2025-26, showing 12% year-on-year growth and successfully mitigating production impacts from supply chain issues.
27th Mar 26
Impact Rating: 5
As per SEBI regulations, MIDHANI will close its trading window for designated persons and their immediate relatives starting April 1, 2026. The window will reopen 48 hours after the financial results for the year ending March 31, 2026, are declared.
17th Mar 26
Impact Rating: 6
MIDHANI's Heat Treatment unit has been awarded NADCAP accreditation, signifying adherence to high quality standards and strengthening its capacity for critical aerospace and defence projects.
13th Mar 26
Impact Rating: 7
MIDHANI's Board has approved an interim dividend of Rs. 0.85 per share (8.50% on face value of Rs. 10) for FY 2025-26. The record date to determine eligibility for this payout is March 19, 2026.
13th Mar 26
Impact Rating: 8
MIDHANI's Board approved an interim dividend of Rs. 0.85 per share (8.50% on Rs. 10 face value) for FY25-26. The record date for determining entitlement is March 19, 2026.